The Episode: How Online Trainers MUST Manage Their Money
To properly kick off this episode, the crew briefly gushes over how awesome Jamie Foxx and Joseph Gordon-Levitt are, as they should. Once the gushing concludes, Ren begins the episode by recounting his financial journey, from living in a basement to five streams of income. Carolina follows up with her own quest, emphasizing the importance of getting creative with how you provide services and, consequently, build your income streams. Finally, Jonathan delves into four essential steps for coaches to manage their finances effectively, plus bonus tips that will push you away from basements and toward financial freedom.
In This Episode
- Money and wealth are not the same, and financial education is not taught in school [15:02]
- Why most fitness trainers have zero financial training [16:29]
- How to organize your documents to streamline taxes [23:48]
- Jonathan shares the money-saving deductions you can use at tax time [24:33]
- Why a lack of diverse knowledge holds you back from bringing more people in [30:35]
- Jonathan shares a story that illustrates how not watching your finances can cost you thousands per year [32:34]
“Just as important, if not more important, than learning how to make money is learning how to keep and grow money.”
– Jonathan Goodman
Hire an Accountant
If you strive to make your money work for you, hiring an accountant is critical. It may cost more upfront, but the money you’ll save through avoiding ripoffs, catching phantom charges, and maximizing your tax refund is worth the investment.
So many coaches find their money running away from them because they lack knowledge in money, not gym equipment or fitness certifications. Dedicating time to learn the foundations of money management is crucial for expanding your business and living life on your terms.
Take a Good, Hard Look
Even with the best intentions, your money will inevitably slip away if you don’t watch it closely. It takes an earnest, potentially painful look at your finances to figure out where you can trim the fat.
Jamie Foxx’s “I Want to Be Your Tennis Ball”:
This episode is brought to you by PT Distinction, the cutting-edge software designed purely for online coaches, to help them save time, expand their reach, and get back to doing what they do best—helping clients get amazing results.
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This episode is brought to you by the Online Trainer Academy Certification and Mentorship, the leading business development course for personal trainers, nutrition coaches, and gym owners to responsibly and successfully start, build, and grow your online fitness or nutrition coaching business.
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